Singapore’s Sovereign Wealth Fund GIC Invested in CoinBase Who Raised $300 Million Last Year
Last year, CoinBase was able to raise an impressive $300 million and now it seems that GIC, a Singaporean wealth fund, was one of the firms that contributed to that fund.
Back in October 2018, when the details of the funds raised first went public, CoinBase listed Tiger Global Management, Wellington Management, and Andreessen Horowitz as part of the backers but did not mention GIC. Even as the story has broken, they have not commented officially on the investment.
“Today, we’re pleased to announce that Coinbase will add an additional $300 million of investment at a valuation of over $8 billion to accelerate the adoption of cryptocurrencies and digital assets. The Series E equity round is led by Tiger Global Management, with participation from Y Combinator Continuity, Wellington Management, Andreessen Horowitz, Polychain and others,”
the press release said at the time, making no mention of GIC.
When the funds were first raised, CoinBase announced that the funds would be used for global expansion, which would include the building the infrastructure between fiat and crypto in regulated markets around the world. They also highlighted plans to add thousands of cryptocurrencies to their platform with time. Finally, they mad mention of plans to support more crypto services such as stablecoins and the CoinBase wallet.
Some say that the reason for this is that the firm, like many others, was at fiat reluctant to get involved in the blockchain industry due to the reputation it sometimes gathers as a means of crime. However, the industry has managed to gain more traction in recent times from institutional investors with JP Morgan even announcing that they are launching their own cryptocurrency.
Should the rumors of GIC backing CoinBase be true, then the firm certainly has some big names behind it as GIC holds over $100 Billion in assets from 40 countries.
CoinBase, On their part, now have a valuation of over $8 Billion after the $300 million was raised last year.
In the press release, CoinBase touched on their desire to bring more funds into the crypto space. It seems with the joining of forces with GIC, they are a step in the right direction and more growth will be seen in the near future.
“We see Coinbase’s growth as validation that the ecosystem will only continue to grow in size, influence, and impact — ultimately ushering in a more open financial system for the world,”
the release said.